All equilibria of the Vickrey auction |
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| Authors: | Andreas Blume |
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| Institution: | a Department of Economics, University of Pittsburgh, Pittsburgh, PA 15260, USA
b Wissenschaftszentrum Berlin für Sozialforschung gGmbH-WZB, Reichpietschufer 50, 10785 Berlin, Germany |
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| Abstract: | This paper characterizes the set of Nash equilibria in the second-price sealed-bid auction with independent private values and three or more bidders. In addition, we show that any effective reserve price implies uniqueness. |
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| Keywords: | C72 D44 |
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